TAILIEUCHUNG - Lecture Intermediate accounting (16th edition): Chapter 7 - Kieso, Weygandt, Warfield

Chapter 7 - Cash and receivables. After studying this chapter, you should be able to: Identify items considered cash, indicate how to report cash and related items, define receivables and identify the different types of receivables, explain accounting issues related to recognition of accounts receivable, explain accounting issues related to valuation of accounts receivable. | PREVIEW OF CHAPTER 7 Intermediate Accounting 16th Edition Kieso ● Weygandt ● Warfield Indicate how to report cash and related items. Define receivables and understand accounting issues related to their recognition. Explain accounting issues related to valuation of accounts receivable. LEARNING OBJECTIVES Explain accounting issues related to recognition and valuation of notes receivable. Explain the fair value option. Explain accounting issues related to disposition of accounts and notes receivable. Describe how to report and analyze receivables. After studying this chapter, you should be able to: Cash and Receivables 7 LO 1 Most liquid asset. Standard medium of exchange. Basis for measuring and accounting for all items. Current asset. Examples: coin, currency, available funds on deposit at the bank, money orders, certified checks, cashier’s checks, personal checks, bank drafts and savings accounts. CASH What is Cash? LO 1 Short-term, highly liquid investments that are both CASH Cash Equivalents readily convertible to cash, and so near their maturity that they present insignificant risk of changes in value. Examples: Treasury bills, Commercial paper, and Money market funds. Reporting Cash LO 1 Companies segregate restricted cash from “regular” cash. Examples, restricted for: (1) plant expansion, (2) retirement of long-term debt, and (3) compensating balances. Reporting Cash LO 1 Restricted Cash ILLUSTRATION 7-1 Disclosure of Restricted Cash Company writes a check for more than the amount in its cash account. Reporting Cash LO 1 Bank Overdrafts Generally reported as a current liability. Offset against other cash accounts only when accounts are with the same bank. LO 1 ILLUSTRATION 7-2 Classification of Cash-Related Items LO 1 We have learned that companies report both cash and cash equivalents as cash on their balance sheets. But where do they park cash that is not used to pay for inventory, employees, or other expenses? As shown in the chart to the right, companies .

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